TC touts independence

TRAVELLERS Choice managing director Christian Hunter has entered the fray over the controversial takeover of Magellan Travel Group by Helloworld ( TD 02, 03 Jan), saying his group’s unique structure ensures 100% member control.

Speaking to TD from overseas over the weekend, Hunter particularly highlighted Express Travel Group’s offer of a new trust deed to Magellan members so they can maintain their independence ( TD 04 Jan), saying “this is something we’ve had for the last forty years”.

Travellers Choice operates under an unlisted public company structure, where the only shareholders are members.

In addition, each member has a single vote regardless of their shareholding, and the Travellers Choice board must have a majority of members as directors.

No executives hold shares, with the group’s cooperative principles enshrined in the Travellers Choice constitution.

“The concept that there is only one independent group out there is incorrect,” Hunter told TD.

“Travellers Choice will continue to provide a truly independent option for current and future members,” he added.

It’s understood that Magellan members are continuing to meet to discuss their options in light of the shock HLO takeover announcement prior to Christmas.

Magellan chairman Andrew Jones has acknowledged concerns by a “minority of members,” committing to provide full details of the HLO transaction at a series of roadshows next week.